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Shanghai index falls 0.43% on market correction
By Ye Zhen |
January 23, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning due to market correction and concerns over corporate earnings.
The key Shanghai Composite Index dropped 0.43 percent to 2,305.10 points. Turnover stood at 52.7 billion yuan (US$8.5 billion) by the noon break.
"The selling pressure has been building since the index rebounded from a 4-year low of 1,949 points," Dongguan Securities said in a report. The broker said investors should be careful of market volatility during the correction.
"The stock market is still in an upward trend despite of fluctuations," said Shanghai Securities News. "But annual reports from listed companies may disappoint investors because of a sluggish economy last year."
A-share accounts decreased by 77,000 last week, eight months in a row, to 54.9 million, data from the China Securities Depository and Clearing Corp Ltd showed.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, declined 1.3 percent to 18.74 yuan. Shaanxi Qinling Cement(Group) Co dropped 3.5 percent to 6.70 yuan. Gansu Qilianshan Cement Group Co lost 2.2 percent 10.43 yuan.
Most brokerages decreased. Sinolink Securities Co fell 2.2 percent to 17.77 yuan. Founder Securities Co shed 1 percent to 5.10 yuan. China Merchants Securities Co lost 1.1 percent to 10.24 yuan.
The key Shanghai Composite Index dropped 0.43 percent to 2,305.10 points. Turnover stood at 52.7 billion yuan (US$8.5 billion) by the noon break.
"The selling pressure has been building since the index rebounded from a 4-year low of 1,949 points," Dongguan Securities said in a report. The broker said investors should be careful of market volatility during the correction.
"The stock market is still in an upward trend despite of fluctuations," said Shanghai Securities News. "But annual reports from listed companies may disappoint investors because of a sluggish economy last year."
A-share accounts decreased by 77,000 last week, eight months in a row, to 54.9 million, data from the China Securities Depository and Clearing Corp Ltd showed.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, declined 1.3 percent to 18.74 yuan. Shaanxi Qinling Cement(Group) Co dropped 3.5 percent to 6.70 yuan. Gansu Qilianshan Cement Group Co lost 2.2 percent 10.43 yuan.
Most brokerages decreased. Sinolink Securities Co fell 2.2 percent to 17.77 yuan. Founder Securities Co shed 1 percent to 5.10 yuan. China Merchants Securities Co lost 1.1 percent to 10.24 yuan.
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